USAA Adopts AI Tech to Improve Customer Service Experience, Safety
For years, banks have been known as industry leaders for the way that they adopt technology to transform both their public and private operations. It’s no surprise to most that in the last decade, large banks have leaned into adopting AI technology to revolutionize their services.
In a recent AI Today podcast interview, Casey Royer of USAA, an American bank serving members of the military community, shared his insights into how the bank is using AI to change the game.
The Fortune 500 financial company is not new to the scene; as a bank with over 12.4 million members across the United States and abroad, USAA has invested in advanced technology solutions for years in order to better serve American service members and their families.
Because USAA does not have any brick and mortar banks, all of its business takes place in a digital setting. Although digital banking offers efficiency and convenience, it also can generate security concerns about fraud, a fear which USAA tackled early on by investing in AI to monitor fraud and create fraud prevention protocols.
By using AI to monitor and analyze how their members use their banking apps, USAA is able to identify behaviors and patterns that may suggest a potential fraud is taking place. According to Casey, this monitoring technology has allowed the bank to save its customers from roughly $100 million attempted frauds each year.
USAA has looked beyond fraud prevention to explore other possible uses for AI in digital banking, including using it to develop language processing technologies. By analyzing language patterns in online chats, USAA is creating a conversational AI model that can tackle customers’ questions and concerns directly, allowing them to work towards their financial goals with the help of chatbots.
As USAA further develops the online chat experience for customers, they are also looking into ways that they can further improve the customer experience through personalization of their content, advice, and recommendations. With AI, even a bank as large as USAA could be able to offer hyper-personalized financial recommendations – say, an insurance offering for a service member about to return from deployment – to each and every member.
In the interview, Casey also described a few of the obstacles to transformative AI tech, including fears that jobs might become irrelevant and be pushed out by AI technology. In spite of these concerns, USAA has had a positive experience implementing AI within its customer service department, where the AI’s ability to handle base-level tasks has freed up time for call center agents to tackle more time-intensive calls.
The major takeaway from Casey’s interview is that the rapid development of AI technologies and their adoption into banking will continue to transform the industry. Overall, AI has the huge potential to reduce risks, generate new opportunities, and improve the experience of customers across the country.